TravelCard puts business into hibernation
Australian travel insurer TravelCard has decided to put the business into hibernation and pause operations
The broker-focused business, which launched in 2018 and is underwritten by Hollard, says it made the decision as there is ‘no return to international travel in sight’. Brokers have been advised that new policies are no longer available, with renewals ceasing 1 December 2020.
All current policies continue to be in force and will continue to be serviced. All claims will be processed and commissions will be paid. The 24/7 on-trip assistance team will continue to be provided for all valid current policies.
A reduced TravelCard team will remain for approximately 15 months to manage claims, partner support and trip assistance.
Not an easy decision for the company
TravelCard CEO Peter Klemt said: “We are so proud of our team at TravelCard, who have achieved so much over the last two and half years. Our staff have remained dedicated and professional through a challenging time and our partners have provided us with support and belief in our aspirations.
“This has not been an easy decision for TravelCard and we have spent the last eight months making a way forward. But, until significant international travel returns, the business will be put into hibernation and operations paused. When TravelCard sees a material return to international travel we intend to resume the business.”
Hollard Head of Agency Partner Management and Development Orion Riggs added that TravelCard has ‘raised the bar’ in Australian travel insurance.
“Hollard supports the difficult decision TravelCard has made,” he said. “We look forward to TravelCard’s speedy return to the market when conditions improve.”